Luxury Car Company in Singapore Starts Accepting Crypto Payments

[waybesuricata]

Singaporean luxury car distributor, EuroSports Global, has started accepting cryptocurrency payments for Lamborghini and Alfa Romeo motor-vehicles.

EuroSports has partnered with digital payments’ company, Fomo Pay, to accept payments for their vehicles in BTC, ETH, USDT, and USDC. The company feels the need to satisfy “the growing demand for flexible and easy-to-use crypto payments” while using crypto to lower transaction fees and simplify international transactions.

Fomo Pay CEO Louis Liu said that the firm received a digital token payment license from the MAS in September 2021. The firm provides intermediary services for 2Tone Vintage, a merchant specializing in vintage high-end watches, and Luxehouze, a prominent marketplace for luxury items in the Asian region.

In enlisting Fomo Pay, 2Tone Vintage hopes to attract new clients, while Luxehouze is looking to avoid forex fluctuations.

Despite warnings from the Monetary Authority of Singapore that crypto trading is risky, many merchants in the region are now accepting cryptocurrency for payments. Sherry Goh, country manager for Singapore at London-headquartered crypto exchange Luno, said, “Singapore is one of Luno’s key markets, given its reputation as a global financial hub with a progressive business environment. We witnessed more than 40 percent year-on-year growth in our customer base between March 2021 and February 2022.”

Source: https://beincrypto.com/luxury-car-company-in-singapore-starts-accepting-crypto-payments/

[trendcoin]

The acceptance of cryptocurrencies as a means of payment is not well received by governments. Singapore is one of the countries where capitalism is best practiced. They can manage to open up space for cryptocurrencies.